Driven by the rise in innovation in cellular agriculture as well as the cultured meat industry along with rising inclination towards environmental sustainability and animal welfare, the Global Cultured Meat Market is Forecasted to reach nearly US$ 2 Bn by 2028 says Ken Research Study.
GURUGRAM, India, June 29, 2023 /PRNewswire/ -- Cultured meat, also known as cultivated meat, is animal meat that is produced by cultivating animal cells in laboratory conditions. In cultured meat, conventional meat's nutritional and sensory profiles are replicated and are grown by harvesting cells from animal tissues in the culture media for proliferation and growth.
Ken Research shares 3 key insights on this high-demand market from its latest research study.
1.Growing Demand for Slaughter-Free Meat Production
The growing demand for nutritional meat and the increasing trend for a protein-rich diet coupled with the rising consumption of meat is creating immense opportunities for the growth of the cultured meat market in the forecasted period. The shift of consumers towards a nutritional diet and rising concerns regarding food safety are anticipated to boost the demand for more sustainable solutions such as lab-grown meat products.
Cultured meat production offers environmental benefits including less deforestation, zero animal cruelty, relatively low usage of the land, water, antibiotics, and other resources, and hence, gaining importance as a sustainable solution. However, the high production cost of cultured meat may hamper the growth of the market.
According to Ken Research estimates, the Global Cultured Meat Market - valued at around US$ 100 Mn in 2019 and estimated to reach nearly US$ 300 Mn by 2022 - is expected to grow to around US$ 2,000 Mn opportunity by 2030.
2.Rising Inclination towards Environmental Sustainability is Driving the Market Growth
The increasing concern regarding the harmful environmental impact of the production of meat like chicken, beef, pork, and others is expected to increase the demand for sustainable solutions like cultured meat in the market.
Cultured meat comparatively utilizes less land, low usage of water, and other environmental resources moreover aimed towards animal welfare and environmental sustainability, which is likely to propel the growth of the Global Cultured Meat Market. The below graph depicts the comparison of the environmental impact of cultured meat, beef, pork, chicken, and plant-based meat.
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3.High Prices of Cultured Meat Compared to Conventional Meat Is the Most Significant Barrier to the Growth of the Market
The high prices of Cultured Meat due to the high consumption of energy as well as the additional cost of growth medium to stimulate cell growth. Conventional meat products are comparatively cheaper as they don't require a growth medium and the feed utilized for their growth is much cheaper than any growth medium.
The high prices of cultured meat and meat products may hamper the growth of the market. However, extensive research and development are going on to bring down the production cost of cultured meat. The below graph depicts the comparison in prices of ground beef and cultured meat in US$ per pound.
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Market Taxonomy
By Source
- Poultry
- Beef
- Seafood
- Pork
- Duck
By End Products
- Nuggets
- Burger Patties
- Meatballs
- Hot Dogs & Sausages
By Production Technique
- Scaffold-Based Technique
- Self-Organizing Technique
- Cell Culture Media
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By End-Users
- Households
- Food Services Industry
- Processed Food
- Pet Food Industry
By Distribution Channel
- Direct
- Wholesalers
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retail
- Other Retail Sectors
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Aleph Farms
- AVANTMEATS
- BlueNalu, Inc.
- Finless Foods Inc.
- Future Meat
- Upside Foods
- Meatable
- Eat Just, Inc.
- MosaMeat
- Integri Culture Inc.
For more insights on market intelligence, refer to the link below: -
Global Cultured Meat Market
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